Reagan Cut Taxes....Revenue Boomed

[Sun Devil 92]

Reagan Cut Taxes, Revenue Boomed

A great advantage of having been present when history was made is that later you can sometimes recall what actually happened. Such institutional memory is important today in assessing the 1981 Reagan tax cuts, whose effect is now being relitigated in the debate on the Republicans’ proposed tax reform. To refute claims that the Reagan tax cuts slashed federal revenue, in the words of President Reagan, “well, let’s take them on a little stroll down memory lane.”

More to follow.

But, just to say Thank You President Reagan for the man and president you were.

The press was not kind to you while you were in office.

The left wing despises you because you used conservative principles to bring us back from the depression Jimmy Carter had put us in.

And these principles can still be applied today.

 

[skews13]

Reagan Cut Taxes, Revenue Boomed

A great advantage of having been present when history was made is that later you can sometimes recall what actually happened. Such institutional memory is important today in assessing the 1981 Reagan tax cuts, whose effect is now being relitigated in the debate on the Republicans’ proposed tax reform. To refute claims that the Reagan tax cuts slashed federal revenue, in the words of President Reagan, “well, let’s take them on a little stroll down memory lane.”

More to follow.

But, just to say Thank You President Reagan for the man and president you were.

The press was not kind to you while you were in office.

The left wing despises you because you used conservative principles to bring us back from the depression Jimmy Carter had put us in.

And these principles can still be applied today.

Yep and I was there. He almost put us into a deep recession with that tax cut and then proceeded to raise taxes 11 times but still doubled the debt exploded the deficit and we still fell into a recession George Bush had to raise taxes again to keep us out of and then Bill Clinton oversaw the largest peacetime economic expansion in history by raising taxes again. What exactly was the history that you remembered?

 

[MarathonMike]

After my misguided vote for Jimmy Carter, I learned my lesson. The country was a complete mess. I opened my CD and got a 17.5 percent interest rate! Of course my car loan was 18 percent. And my first mortgage was a builder buy down to the "rock bottom" interest rate of 14 percent.
Yes Reagan was treated poorly by the press but compared to Trump, he was coddled.

 

[Tax Man]

Just a periodic reminder to those who look at the 1980-1988 with rose colored glasses, and who have been seduced and are still in the afterglow of being anal raped by the cult of personality that was Ronald Reagan

Some of the lesser known facts are soursed, but no doubt the obsessed fact checkers will be blowing up the ...LOL...Wikipedia server looking for errors on the others, which I intentionally did NOT source.

They are batting .000 so far, but it's fun to watch them scramble

WARNING...this is NOT wideley discussed on Fox news and talk radio, so those who are sensitive to facts that confuse them, should proceed with caution


Reagan raised taxes (largest peace time tax increase in US history)

Reagan gave amnesty to 3 million illegal immigrants

Reagan increased the deficit

Reagan increased spending
http://old.nationalreview.com/nrof_b...0310290853.asp

Reagan funded and created the entity that evolved into Al Queada, collaborating with Osama bin Laden himself
http://www.democracynow.org/2004/6/1...agan_armed_the

Reagan cut and ran in the face of an attack on American troops that resulted in the deaths of 241 Americans

Reagan supported a coalition that included the genocidal war criminal Pol Poth
http://www.nytimes.com/1981/12/10/wo...f-pol-pot.html

Reagan engaged America in proxy wars in Nicaragua, El Salvador, Namibia, Angola and Burkina Faso, and Cambodia, and lost every one

Regan left office, signed on to and vested in Gorbachov’s “union treaty” , which would have assured the continued existence of the Soviet Union

Reagan professed ignorance to Iran/ Conta, meaning he was either incompetent or he committed crimes and perjury

Reagan’s approval rating dropped for 74% to 44% between 1981 and 1987

Reagan was implicated in gay prostitution
High Strangeness TV :: Page not found

Great Thoughts of Ronald Reagan
"A tree's a tree. How many more do you need to look at?"
Ronald Reagan (Governor of California), quoted in the Sacramento Bee, opposing expansion of Redwood National Park, March 3, 1966

"All the waste in a year from a nuclear power plant can be stored under a desk."
Ronald Reagan (Republican candidate for president), quoted in the Burlington (Vermont) Free Press, February 15, 1980

"It's silly talking about how many years we will have to spend in the jungles of Vietnam when we could pave the whole country and put parking stripes on it and still be home by Christmas."
Ronald Reagan (candidate for Governor of California), interviewed in the Fresno Bee, October 10, 1965


"A faceless mass, waiting for handouts."
Ronald Reagan, 1965. (Reagan describing Medicaid recipients.)

"Unemployment insurance is a pre-paid vacation for freeloaders."
California Governor Ronald Reagan, in the Sacramento Bee, April 28, 1966

"We were told four years ago that 17 million people went to bed hungry every night. Well, that was probably true. They were all on a diet."
Ronald Reagan, TV speech, October 27, 1964

"I never knew anything above Cs."
President Reagan, in a moment of truthfulness, describes his academic record to Barbara Walters, November 27, 1981

"They told stories about how inattentive and inept the President was.... They said he wouldn't come to work--all he wanted to do was to watch movies and television at the residence."
Jim Cannon (an aide to Howard Baker) reporting what Reagan's underlings told him, Landslide: The Unmaking of the President: 1984-88

"Reagan's only contribution [to the subject of the MX missile] throughout the entire hour and a half was to interrupt somewhere at midpoint to tell us he'd watched a movie the night before, and he gave us the plot from WarGames, the movie. That was his only contribution."
Lee Hamilton (Representative from Indiana) interviewed by Haynes Johnson, Sleepwalking Through History: America in the Reagan Years

"This President is treated by both the press and foreign leaders as if he were a child.... It is major news when he honors a political or economic discussion with a germane remark and not an anecdote about his Hollywood days."
Columnist Richard Cohen

"What planet is he living on?"
President Mitterand of France poses this question about Reagan to Canadian Prime Minister Trudeau.

"During Mr. Reagan's trip to Europe...members of the traveling press corps watched him doze off so many times--during speeches by French President Francois Mitterrand and Italian President Alessandro Pertini, as well as during a one-on-one audience with the Pope--that they privately christened the trip 'The Big Sleep.'"
Mark Hertsgaard, On Bended Knee: The Press and the Reagan Presidency

"He demonstrated for all to see how far you can go in this life with a smile, a shoeshine and the nerve to put your own spin on the facts."
David Nyhan, Boston Globe columnist

"An amiable dunce
Clark Clifford (former Defense Secretary)

"Poor dear, there's nothing between his ears."
British Prime Minister Margaret Thatcher

"Like reinventing the wheel."
Larry Speakes (Reagan's former press secretary) describing what it was like preparing the President for a press conference, Speaking Out: The Reagan Presidency from Inside the White House
"The task of watering the arid desert between Reagan's ears is a challenging one for his aides."
Columnist David Broder

"He has the ability to make statements that are so far outside the parameters of logic that they leave you speechless"
Patti Davis (formerly Patricia Ann Reagan) talking about her father, The Way I See It

"This loathing for government, this eagerness to prove that any program to aid the disadvantaged is nothing but a boondoggle and a money gobbler, leads him to contrive statistics and stories with unmatched vigor."
Mark Green, Reagan's Reign of Error

Last edited by Positivly Sarah; Today at 10:38 AM. Desoto talks.

 

[Conservative65]

Reagan Cut Taxes, Revenue Boomed

A great advantage of having been present when history was made is that later you can sometimes recall what actually happened. Such institutional memory is important today in assessing the 1981 Reagan tax cuts, whose effect is now being relitigated in the debate on the Republicans’ proposed tax reform. To refute claims that the Reagan tax cuts slashed federal revenue, in the words of President Reagan, “well, let’s take them on a little stroll down memory lane.”

More to follow.

But, just to say Thank You President Reagan for the man and president you were.

The press was not kind to you while you were in office.

The left wing despises you because you used conservative principles to bring us back from the depression Jimmy Carter had put us in.

And these principles can still be applied today.

Yep and I was there. He almost put us into a deep recession with that tax cut and then proceeded to raise taxes 11 times but still doubled the debt exploded the deficit and we still fell into a recession George Bush had to raise taxes again to keep us out of and then Bill Clinton oversaw the largest peacetime economic expansion in history by raising taxes again. What exactly was the history that you remembered?

I remember your BOY Obama doubled the debt from 10 to 20 trillion. How exactly is that a good thing? When it comes to covering for Obama, I know right where you are, too. With your nose stuck up his ass. Pucker up.

 

[skews13]

Just a periodic reminder to those who look at the 1980-1988 with rose colored glasses, and who have been seduced and are still in the afterglow of being anal raped by the cult of personality that was Ronald Reagan

Some of the lesser known facts are soursed, but no doubt the obsessed fact checkers will be blowing up the ...LOL...Wikipedia server looking for errors on the others, which I intentionally did NOT source.

They are batting .000 so far, but it's fun to watch them scramble

WARNING...this is NOT wideley discussed on Fox news and talk radio, so those who are sensitive to facts that confuse them, should proceed with caution


Reagan raised taxes (largest peace time tax increase in US history)

Reagan gave amnesty to 3 million illegal immigrants

Reagan increased the deficit

Reagan increased spending
http://old.nationalreview.com/nrof_b...0310290853.asp

Reagan funded and created the entity that evolved into Al Queada, collaborating with Osama bin Laden himself
http://www.democracynow.org/2004/6/1...agan_armed_the

Reagan cut and ran in the face of an attack on American troops that resulted in the deaths of 241 Americans

Reagan supported a coalition that included the genocidal war criminal Pol Poth
http://www.nytimes.com/1981/12/10/wo...f-pol-pot.html

Reagan engaged America in proxy wars in Nicaragua, El Salvador, Namibia, Angola and Burkina Faso, and Cambodia, and lost every one

Regan left office, signed on to and vested in Gorbachov’s “union treaty” , which would have assured the continued existence of the Soviet Union

Reagan professed ignorance to Iran/ Conta, meaning he was either incompetent or he committed crimes and perjury

Reagan’s approval rating dropped for 74% to 44% between 1981 and 1987

Reagan was implicated in gay prostitution
High Strangeness TV :: Page not found

Great Thoughts of Ronald Reagan
"A tree's a tree. How many more do you need to look at?"
Ronald Reagan (Governor of California), quoted in the Sacramento Bee, opposing expansion of Redwood National Park, March 3, 1966

"All the waste in a year from a nuclear power plant can be stored under a desk."
Ronald Reagan (Republican candidate for president), quoted in the Burlington (Vermont) Free Press, February 15, 1980

"It's silly talking about how many years we will have to spend in the jungles of Vietnam when we could pave the whole country and put parking stripes on it and still be home by Christmas."
Ronald Reagan (candidate for Governor of California), interviewed in the Fresno Bee, October 10, 1965


"A faceless mass, waiting for handouts."
Ronald Reagan, 1965. (Reagan describing Medicaid recipients.)

"Unemployment insurance is a pre-paid vacation for freeloaders."
California Governor Ronald Reagan, in the Sacramento Bee, April 28, 1966

"We were told four years ago that 17 million people went to bed hungry every night. Well, that was probably true. They were all on a diet."
Ronald Reagan, TV speech, October 27, 1964

"I never knew anything above Cs."
President Reagan, in a moment of truthfulness, describes his academic record to Barbara Walters, November 27, 1981

"They told stories about how inattentive and inept the President was.... They said he wouldn't come to work--all he wanted to do was to watch movies and television at the residence."
Jim Cannon (an aide to Howard Baker) reporting what Reagan's underlings told him, Landslide: The Unmaking of the President: 1984-88

"Reagan's only contribution [to the subject of the MX missile] throughout the entire hour and a half was to interrupt somewhere at midpoint to tell us he'd watched a movie the night before, and he gave us the plot from WarGames, the movie. That was his only contribution."
Lee Hamilton (Representative from Indiana) interviewed by Haynes Johnson, Sleepwalking Through History: America in the Reagan Years

"This President is treated by both the press and foreign leaders as if he were a child.... It is major news when he honors a political or economic discussion with a germane remark and not an anecdote about his Hollywood days."
Columnist Richard Cohen

"What planet is he living on?"
President Mitterand of France poses this question about Reagan to Canadian Prime Minister Trudeau.

"During Mr. Reagan's trip to Europe...members of the traveling press corps watched him doze off so many times--during speeches by French President Francois Mitterrand and Italian President Alessandro Pertini, as well as during a one-on-one audience with the Pope--that they privately christened the trip 'The Big Sleep.'"
Mark Hertsgaard, On Bended Knee: The Press and the Reagan Presidency

"He demonstrated for all to see how far you can go in this life with a smile, a shoeshine and the nerve to put your own spin on the facts."
David Nyhan, Boston Globe columnist

"An amiable dunce
Clark Clifford (former Defense Secretary)

"Poor dear, there's nothing between his ears."
British Prime Minister Margaret Thatcher

"Like reinventing the wheel."
Larry Speakes (Reagan's former press secretary) describing what it was like preparing the President for a press conference, Speaking Out: The Reagan Presidency from Inside the White House
"The task of watering the arid desert between Reagan's ears is a challenging one for his aides."
Columnist David Broder

"He has the ability to make statements that are so far outside the parameters of logic that they leave you speechless"
Patti Davis (formerly Patricia Ann Reagan) talking about her father, The Way I See It

"This loathing for government, this eagerness to prove that any program to aid the disadvantaged is nothing but a boondoggle and a money gobbler, leads him to contrive statistics and stories with unmatched vigor."
Mark Green, Reagan's Reign of Error

Last edited by Positivly Sarah; Today at 10:38 AM. Desoto talks.

 

[deanrd]

If I remember correctly, Reagan cut taxes one year and raised taxes seven.

 

[deanrd]

If I remember correctly, Reagan cut taxes one year and raised taxes seven.

Then there were the many scandals. Hundreds of young soldiers sent off to die, Iran Contra among others.

 

[Toddsterpatriot]

Reagan Cut Taxes, Revenue Boomed

A great advantage of having been present when history was made is that later you can sometimes recall what actually happened. Such institutional memory is important today in assessing the 1981 Reagan tax cuts, whose effect is now being relitigated in the debate on the Republicans’ proposed tax reform. To refute claims that the Reagan tax cuts slashed federal revenue, in the words of President Reagan, “well, let’s take them on a little stroll down memory lane.”

More to follow.

But, just to say Thank You President Reagan for the man and president you were.

The press was not kind to you while you were in office.

The left wing despises you because you used conservative principles to bring us back from the depression Jimmy Carter had put us in.

And these principles can still be applied today.

Yep and I was there. He almost put us into a deep recession with that tax cut and then proceeded to raise taxes 11 times but still doubled the debt exploded the deficit and we still fell into a recession George Bush had to raise taxes again to keep us out of and then Bill Clinton oversaw the largest peacetime economic expansion in history by raising taxes again. What exactly was the history that you remembered?

He almost put us into a deep recession with that tax cut

Tax cuts help growth, they don't cause recessions.

 

[Mr Natural]

Thou shall not speak ill of St Reagan.

 

[Toddsterpatriot]

Just a periodic reminder to those who look at the 1980-1988 with rose colored glasses, and who have been seduced and are still in the afterglow of being anal raped by the cult of personality that was Ronald Reagan

Some of the lesser known facts are soursed, but no doubt the obsessed fact checkers will be blowing up the ...LOL...Wikipedia server looking for errors on the others, which I intentionally did NOT source.

They are batting .000 so far, but it's fun to watch them scramble

WARNING...this is NOT wideley discussed on Fox news and talk radio, so those who are sensitive to facts that confuse them, should proceed with caution


Reagan raised taxes (largest peace time tax increase in US history)

Reagan gave amnesty to 3 million illegal immigrants

Reagan increased the deficit

Reagan increased spending
http://old.nationalreview.com/nrof_b...0310290853.asp

Reagan funded and created the entity that evolved into Al Queada, collaborating with Osama bin Laden himself
http://www.democracynow.org/2004/6/1...agan_armed_the

Reagan cut and ran in the face of an attack on American troops that resulted in the deaths of 241 Americans

Reagan supported a coalition that included the genocidal war criminal Pol Poth
http://www.nytimes.com/1981/12/10/wo...f-pol-pot.html

Reagan engaged America in proxy wars in Nicaragua, El Salvador, Namibia, Angola and Burkina Faso, and Cambodia, and lost every one

Regan left office, signed on to and vested in Gorbachov’s “union treaty” , which would have assured the continued existence of the Soviet Union

Reagan professed ignorance to Iran/ Conta, meaning he was either incompetent or he committed crimes and perjury

Reagan’s approval rating dropped for 74% to 44% between 1981 and 1987

Reagan was implicated in gay prostitution
High Strangeness TV :: Page not found

Great Thoughts of Ronald Reagan
"A tree's a tree. How many more do you need to look at?"
Ronald Reagan (Governor of California), quoted in the Sacramento Bee, opposing expansion of Redwood National Park, March 3, 1966

"All the waste in a year from a nuclear power plant can be stored under a desk."
Ronald Reagan (Republican candidate for president), quoted in the Burlington (Vermont) Free Press, February 15, 1980

"It's silly talking about how many years we will have to spend in the jungles of Vietnam when we could pave the whole country and put parking stripes on it and still be home by Christmas."
Ronald Reagan (candidate for Governor of California), interviewed in the Fresno Bee, October 10, 1965


"A faceless mass, waiting for handouts."
Ronald Reagan, 1965. (Reagan describing Medicaid recipients.)

"Unemployment insurance is a pre-paid vacation for freeloaders."
California Governor Ronald Reagan, in the Sacramento Bee, April 28, 1966

"We were told four years ago that 17 million people went to bed hungry every night. Well, that was probably true. They were all on a diet."
Ronald Reagan, TV speech, October 27, 1964

"I never knew anything above Cs."
President Reagan, in a moment of truthfulness, describes his academic record to Barbara Walters, November 27, 1981

"They told stories about how inattentive and inept the President was.... They said he wouldn't come to work--all he wanted to do was to watch movies and television at the residence."
Jim Cannon (an aide to Howard Baker) reporting what Reagan's underlings told him, Landslide: The Unmaking of the President: 1984-88

"Reagan's only contribution [to the subject of the MX missile] throughout the entire hour and a half was to interrupt somewhere at midpoint to tell us he'd watched a movie the night before, and he gave us the plot from WarGames, the movie. That was his only contribution."
Lee Hamilton (Representative from Indiana) interviewed by Haynes Johnson, Sleepwalking Through History: America in the Reagan Years

"This President is treated by both the press and foreign leaders as if he were a child.... It is major news when he honors a political or economic discussion with a germane remark and not an anecdote about his Hollywood days."
Columnist Richard Cohen

"What planet is he living on?"
President Mitterand of France poses this question about Reagan to Canadian Prime Minister Trudeau.

"During Mr. Reagan's trip to Europe...members of the traveling press corps watched him doze off so many times--during speeches by French President Francois Mitterrand and Italian President Alessandro Pertini, as well as during a one-on-one audience with the Pope--that they privately christened the trip 'The Big Sleep.'"
Mark Hertsgaard, On Bended Knee: The Press and the Reagan Presidency

"He demonstrated for all to see how far you can go in this life with a smile, a shoeshine and the nerve to put your own spin on the facts."
David Nyhan, Boston Globe columnist

"An amiable dunce
Clark Clifford (former Defense Secretary)

"Poor dear, there's nothing between his ears."
British Prime Minister Margaret Thatcher

"Like reinventing the wheel."
Larry Speakes (Reagan's former press secretary) describing what it was like preparing the President for a press conference, Speaking Out: The Reagan Presidency from Inside the White House
"The task of watering the arid desert between Reagan's ears is a challenging one for his aides."
Columnist David Broder

"He has the ability to make statements that are so far outside the parameters of logic that they leave you speechless"
Patti Davis (formerly Patricia Ann Reagan) talking about her father, The Way I See It

"This loathing for government, this eagerness to prove that any program to aid the disadvantaged is nothing but a boondoggle and a money gobbler, leads him to contrive statistics and stories with unmatched vigor."
Mark Green, Reagan's Reign of Error

Last edited by Positivly Sarah; Today at 10:38 AM. Desoto talks.

Reagan raised taxes (largest peace time tax increase in US history)

Love this claim.
What were the rates before he raised them? What were they after?
Show me some specifics.

 

[IsaacNewton]

Reagan tripled the national debt. Cons have never figured out that when you cut revenue but increase spending that your debt goes up. That one is just beyond their reasoning abilities. He presided over the Savings and Loan disaster in the 80s. He granted 3 million illegals amnesty (yeah that one's a bitch for cons nowadays to swallow but it's true). And he wiped his ass with the Constitution by selling arms to foreign entities behind Congess' back even though Congress told him outright DON'T DO IT. Then he lied under oath during the Iran/Contra hearings.

And 130 + of his administration were charged/indicted/or convicted of crimes in office. Even Nixon only had 8 people in his administration charged or convicted.

Reagan is one of the worst president's and certainly the worst criminal to ever hold high office in the US. Republicans have spent 30 years trying to sweep Reagan's criminal activity under the rug but it won't work. He is a criminal now and forever.

Oh but cons always need a daddy figure so they feel good so he was all they had.

 

[Toddsterpatriot]

Reagan tripled the national debt. Cons have never figured out that when you cut revenue but increase spending that your debt goes up. That one is just beyond their reasoning abilities. He presided over the Savings and Loan disaster in the 80s. He granted 3 million illegals amnesty (yeah that one's a bitch for cons nowadays to swallow but it's true). And he wiped his ass with the Constitution by selling arms to foreign entities behind Congess' back even though Congress told him outright DON'T DO IT. Then he lied under oath during the Iran/Contra hearings.

And 130 + of his administration were charged/indicted/or convicted of crimes in office. Even Nixon only had 8 people in his administration charged or convicted.

Reagan is one of the worst president's and certainly the worst criminal to ever hold high office in the US. Republicans have spent 30 years trying to sweep Reagan's criminal activity under the rug but it won't work. He is a criminal now and forever.

Oh but cons always need a daddy figure so they feel good so he was all they had.

Reagan tripled the national debt.

Yeah, Reagan added $1.6 trillion and won the Cold War.
Obama added $9.3 trillion and defeated Libya......DERP

 

[Siete]

Reagan’s tax increases

1982: The most significant tax increase Reagan signed was also the first. The Tax Equity and Fiscal Responsibility Act of 1982 (yes, another law with a very sexy name) increased taxes by almost 1 percent of GDP.

The 1982 tax increase was "probably the largest peacetime tax increase in American history," said economist Bruce Bartlett, who advised Reagan on domestic policy and then worked as Treasury deputy assistant secretary for economic policy in the George H.W. Bush administration. (An analysis by Jerry Tempalski, an analyst in the Office of Tax Analysis with the U.S. Department of the Treasury, agrees.)

This law was driven by pressure to attack the federal budget deficit, as well as the impression that Reagan’s tax-cutting was partially responsible for lower-than-expected tax revenues.

Bartlett, who reviewed Reagan’s tax record for Tax Notes in 2011, cited a Treasury estimate that the 1982 law raised taxes by almost 1 percent of GDP, or about $150 billion in modern dollars.

Specifically, it rolled back some but not all of the 1981 tax cut for writing off equipment, and it repealed 1981 "safe harbor" leasing provisions, said Stephen J. Entin, senior fellow at the Tax Foundation and former deputy assistant secretary for economic policy in the Reagan administration.

1983: A law Reagan signed in 1983 aimed to keep Social Security afloat by increasing payroll taxes and taxing Social Security benefits for some high-earners. This cost $24.6 billion, or almost $50 billion in 2015 dollars, through 1988, according to an administration estimate.

1984: The Deficit Reduction Act that Reagan signed rolled back part of the 1981 cut on buildings, Entin said, with the idea that Congress would enact spending cuts. "But many of those cuts were either never enacted or were later restored," Entin said. This led to $25 billion in tax receipts.

Reagan also signed tax increases in 1985, 1986, 1987 and 1988 (as well as a couple other laws with revenue reductions).

So where does that leave Reagan’s tax record on the whole? It’s mixed.

On one hand, revenues were lower as a share of GDP in his last year in office (17.6 percent of GDP in 1988) compared to the year before he took office (18.5 percent of GDP in 1980), according to the White House Office of Management and Budget.

However, the thrust of the 1981 tax cut that Cruz touted on Colbert’s show didn’t prove to have lasting effects on the whole.

A 2006 Treasury Department analysis offers another view of the plunge after the 1981 law and the subsequent changes that wound it back.

Reagan’s staff tallied up the effect of major legislation on tax receipts over his tenure for his final budget proposal (page 4-4). The 1981 tax cuts comprised most of the total $275 billion in tax relief, but the other side of the ledger listed $133 billion in cumulative tax increases.


there ya go ..

 

[Sun Devil 92]

Reagan Cut Taxes, Revenue Boomed

A great advantage of having been present when history was made is that later you can sometimes recall what actually happened. Such institutional memory is important today in assessing the 1981 Reagan tax cuts, whose effect is now being relitigated in the debate on the Republicans’ proposed tax reform. To refute claims that the Reagan tax cuts slashed federal revenue, in the words of President Reagan, “well, let’s take them on a little stroll down memory lane.”

More to follow.

But, just to say Thank You President Reagan for the man and president you were.

The press was not kind to you while you were in office.

The left wing despises you because you used conservative principles to bring us back from the depression Jimmy Carter had put us in.

And these principles can still be applied today.

Yep and I was there. He almost put us into a deep recession with that tax cut and then proceeded to raise taxes 11 times but still doubled the debt exploded the deficit and we still fell into a recession George Bush had to raise taxes again to keep us out of and then Bill Clinton oversaw the largest peacetime economic expansion in history by raising taxes again. What exactly was the history that you remembered?

We were already in a deep recession when Reagan took over.

He did raise taxes....twice (at least) to bail out some serious miscalcuations on Social Security (Carter said it was good for 30 years....it wasn't going to last 30 months).

Clinton raising taxes had nothing to do with economic expansion. The seeds for that were already in place when he took over.

Clinton got his ass handed to him at the two year mark and figured out he'd better play along.

But, to your point. Reagan did such a bad job that in 1984 he hardly campaigned and was re-elected just a few votes shy of a total sweep. It was awful.

 

[Toddsterpatriot]

Reagan’s tax increases

1982: The most significant tax increase Reagan signed was also the first. The Tax Equity and Fiscal Responsibility Act of 1982 (yes, another law with a very sexy name) increased taxes by almost 1 percent of GDP.

The 1982 tax increase was "probably the largest peacetime tax increase in American history," said economist Bruce Bartlett, who advised Reagan on domestic policy and then worked as Treasury deputy assistant secretary for economic policy in the George H.W. Bush administration. (An analysis by Jerry Tempalski, an analyst in the Office of Tax Analysis with the U.S. Department of the Treasury, agrees.)

This law was driven by pressure to attack the federal budget deficit, as well as the impression that Reagan’s tax-cutting was partially responsible for lower-than-expected tax revenues.

Bartlett, who reviewed Reagan’s tax record for Tax Notes in 2011, cited a Treasury estimate that the 1982 law raised taxes by almost 1 percent of GDP, or about $150 billion in modern dollars.

Specifically, it rolled back some but not all of the 1981 tax cut for writing off equipment, and it repealed 1981 "safe harbor" leasing provisions, said Stephen J. Entin, senior fellow at the Tax Foundation and former deputy assistant secretary for economic policy in the Reagan administration.

1983: A law Reagan signed in 1983 aimed to keep Social Security afloat by increasing payroll taxes and taxing Social Security benefits for some high-earners. This cost $24.6 billion, or almost $50 billion in 2015 dollars, through 1988, according to an administration estimate.

1984: The Deficit Reduction Act that Reagan signed rolled back part of the 1981 cut on buildings, Entin said, with the idea that Congress would enact spending cuts. "But many of those cuts were either never enacted or were later restored," Entin said. This led to $25 billion in tax receipts.

Reagan also signed tax increases in 1985, 1986, 1987 and 1988 (as well as a couple other laws with revenue reductions).

So where does that leave Reagan’s tax record on the whole? It’s mixed.

On one hand, revenues were lower as a share of GDP in his last year in office (17.6 percent of GDP in 1988) compared to the year before he took office (18.5 percent of GDP in 1980), according to the White House Office of Management and Budget.

However, the thrust of the 1981 tax cut that Cruz touted on Colbert’s show didn’t prove to have lasting effects on the whole.

A 2006 Treasury Department analysis offers another view of the plunge after the 1981 law and the subsequent changes that wound it back.

Reagan’s staff tallied up the effect of major legislation on tax receipts over his tenure for his final budget proposal (page 4-4). The 1981 tax cuts comprised most of the total $275 billion in tax relief, but the other side of the ledger listed $133 billion in cumulative tax increases.


there ya go ..

Specifically, it rolled back some but not all of the 1981 tax cut for writing off equipment, and it repealed 1981 "safe harbor" leasing provisions,

Rolling back a portion of the 1981 tax cut is "the largest peacetime tax hike, ever"? LOL!

Shit, his 1981 tax cut must have been even better than I thought.

 

[Sun Devil 92]

Reagan’s tax increases

1982: The most significant tax increase Reagan signed was also the first. The Tax Equity and Fiscal Responsibility Act of 1982 (yes, another law with a very sexy name) increased taxes by almost 1 percent of GDP.

The 1982 tax increase was "probably the largest peacetime tax increase in American history," said economist Bruce Bartlett, who advised Reagan on domestic policy and then worked as Treasury deputy assistant secretary for economic policy in the George H.W. Bush administration. (An analysis by Jerry Tempalski, an analyst in the Office of Tax Analysis with the U.S. Department of the Treasury, agrees.)

This law was driven by pressure to attack the federal budget deficit, as well as the impression that Reagan’s tax-cutting was partially responsible for lower-than-expected tax revenues.

Bartlett, who reviewed Reagan’s tax record for Tax Notes in 2011, cited a Treasury estimate that the 1982 law raised taxes by almost 1 percent of GDP, or about $150 billion in modern dollars.

Specifically, it rolled back some but not all of the 1981 tax cut for writing off equipment, and it repealed 1981 "safe harbor" leasing provisions, said Stephen J. Entin, senior fellow at the Tax Foundation and former deputy assistant secretary for economic policy in the Reagan administration.

1983: A law Reagan signed in 1983 aimed to keep Social Security afloat by increasing payroll taxes and taxing Social Security benefits for some high-earners. This cost $24.6 billion, or almost $50 billion in 2015 dollars, through 1988, according to an administration estimate.

1984: The Deficit Reduction Act that Reagan signed rolled back part of the 1981 cut on buildings, Entin said, with the idea that Congress would enact spending cuts. "But many of those cuts were either never enacted or were later restored," Entin said. This led to $25 billion in tax receipts.

Reagan also signed tax increases in 1985, 1986, 1987 and 1988 (as well as a couple other laws with revenue reductions).

So where does that leave Reagan’s tax record on the whole? It’s mixed.

On one hand, revenues were lower as a share of GDP in his last year in office (17.6 percent of GDP in 1988) compared to the year before he took office (18.5 percent of GDP in 1980), according to the White House Office of Management and Budget.

However, the thrust of the 1981 tax cut that Cruz touted on Colbert’s show didn’t prove to have lasting effects on the whole.

A 2006 Treasury Department analysis offers another view of the plunge after the 1981 law and the subsequent changes that wound it back.

Reagan’s staff tallied up the effect of major legislation on tax receipts over his tenure for his final budget proposal (page 4-4). The 1981 tax cuts comprised most of the total $275 billion in tax relief, but the other side of the ledger listed $133 billion in cumulative tax increases.


there ya go ..

Critics of the Reagan tax cuts today compare the 11.6% growth in federal revenue in 1980, the last year of the Carter administration, with the decline in revenue in 1983. They then declare that the Reagan tax cuts slashed federal revenue. Conveniently missing in that comparison is that the 1980-82 recession, with 10.8% unemployment, reduced federal revenue twice as much as the Joint Committee on Taxation estimated the Reagan tax cuts would in 1982 and 15% more than its estimate for 1983.

 

[AntonToo]

You tax cut cultists need to burn this little graph into your eyeballs:

Take your self-financing tax cut free lunch bs and shove it up your whatever - no one is buying it.

Within sane rates, when you tax less, people pay less. It's really not rocket science.

 

[IsaacNewton]

Reagan tripled the national debt. Cons have never figured out that when you cut revenue but increase spending that your debt goes up. That one is just beyond their reasoning abilities. He presided over the Savings and Loan disaster in the 80s. He granted 3 million illegals amnesty (yeah that one's a bitch for cons nowadays to swallow but it's true). And he wiped his ass with the Constitution by selling arms to foreign entities behind Congess' back even though Congress told him outright DON'T DO IT. Then he lied under oath during the Iran/Contra hearings.

And 130 + of his administration were charged/indicted/or convicted of crimes in office. Even Nixon only had 8 people in his administration charged or convicted.

Reagan is one of the worst president's and certainly the worst criminal to ever hold high office in the US. Republicans have spent 30 years trying to sweep Reagan's criminal activity under the rug but it won't work. He is a criminal now and forever.

Oh but cons always need a daddy figure so they feel good so he was all they had.

Reagan tripled the national debt.

Yeah, Reagan added $1.6 trillion and won the Cold War.
Obama added $9.3 trillion and defeated Libya......DERP

LOL Reagan didn't win anything. He won the most demented while in office award. While Nancy had psychics and taro card readers come to the White House for 'direction'.

Cons just have this made up fantasy about Reagan that keeps them warm. He was a criminal. Gobachev dismantled the Soviet Union. Reagan dismantled the US Constitution then lied about it under oath.

 

[Siete]

Reagan’s tax increases

1982: The most significant tax increase Reagan signed was also the first. The Tax Equity and Fiscal Responsibility Act of 1982 (yes, another law with a very sexy name) increased taxes by almost 1 percent of GDP.

The 1982 tax increase was "probably the largest peacetime tax increase in American history," said economist Bruce Bartlett, who advised Reagan on domestic policy and then worked as Treasury deputy assistant secretary for economic policy in the George H.W. Bush administration. (An analysis by Jerry Tempalski, an analyst in the Office of Tax Analysis with the U.S. Department of the Treasury, agrees.)

This law was driven by pressure to attack the federal budget deficit, as well as the impression that Reagan’s tax-cutting was partially responsible for lower-than-expected tax revenues.

Bartlett, who reviewed Reagan’s tax record for Tax Notes in 2011, cited a Treasury estimate that the 1982 law raised taxes by almost 1 percent of GDP, or about $150 billion in modern dollars.

Specifically, it rolled back some but not all of the 1981 tax cut for writing off equipment, and it repealed 1981 "safe harbor" leasing provisions, said Stephen J. Entin, senior fellow at the Tax Foundation and former deputy assistant secretary for economic policy in the Reagan administration.

1983: A law Reagan signed in 1983 aimed to keep Social Security afloat by increasing payroll taxes and taxing Social Security benefits for some high-earners. This cost $24.6 billion, or almost $50 billion in 2015 dollars, through 1988, according to an administration estimate.

1984: The Deficit Reduction Act that Reagan signed rolled back part of the 1981 cut on buildings, Entin said, with the idea that Congress would enact spending cuts. "But many of those cuts were either never enacted or were later restored," Entin said. This led to $25 billion in tax receipts.

Reagan also signed tax increases in 1985, 1986, 1987 and 1988 (as well as a couple other laws with revenue reductions).

So where does that leave Reagan’s tax record on the whole? It’s mixed.

On one hand, revenues were lower as a share of GDP in his last year in office (17.6 percent of GDP in 1988) compared to the year before he took office (18.5 percent of GDP in 1980), according to the White House Office of Management and Budget.

However, the thrust of the 1981 tax cut that Cruz touted on Colbert’s show didn’t prove to have lasting effects on the whole.

A 2006 Treasury Department analysis offers another view of the plunge after the 1981 law and the subsequent changes that wound it back.

Reagan’s staff tallied up the effect of major legislation on tax receipts over his tenure for his final budget proposal (page 4-4). The 1981 tax cuts comprised most of the total $275 billion in tax relief, but the other side of the ledger listed $133 billion in cumulative tax increases.


there ya go ..

Specifically, it rolled back some but not all of the 1981 tax cut for writing off equipment, and it repealed 1981 "safe harbor" leasing provisions,

Rolling back a portion of the 1981 tax cut is "the largest peacetime tax hike, ever"? LOL!

Shit, his 1981 tax cut must have been even better than I thought.

yeah, it was great ... he increased the national debt 189% , more than any other president in history, including 43 and Obama.

sweet huh?